Bitcoin, altcoins prices crash as liquidations surpass $300m
TLDR
- Global crypto market cap drops 20% to $2.13 trillion, Bitcoin at risk of hitting $52,000.
- Altcoins like Ethereum, BNB, Cardano, and XRP fall over 5% in the last 24 hours.
- $300 million liquidated in the crypto market, impacting 102,000 traders; largest order on OKX for $4 million ETH to USD swap.
The crypto market has swung back into a bear market, with the global market cap dropping 20% to a low of $2.13 trillion today after falling more than 4.20% over the last 24 hours.
Bitcoin's price hit a 24-hour low of $57,800, nearing a key support level and risking a collapse to $52,000. Altcoins, including Ethereum, BNB, Cardano, XRP, and Toncoin, dropped over 5%. Tokens in the Solana ecosystem, meme coins, and some AI coins experienced double-digit declines in the last 24 hours.
Per Coinglass, $300 million worth of cryptocurrencies were liquidated in the last 24 hours, affecting over 102,000 traders. The largest single liquidation order occurred on the OKX crypto exchange, where someone swapped ETH to USD valued at $4 million.
Key Takeaways
Market sentiment has reverted to fear amid panic selling by investors, driven by the upcoming $10 billion BTC and BCH repayment from Mt. Gox starting this week. JPMorgan and CoinShares have cautioned about a potential market shake-up due to concerns over selloffs by creditors. In the last 24 hours, nearly $250 million in long positions and $50 million in short positions were liquidated, leading to significant losses for investors. In addition, over 17,500 BTC options with a notional value of $1.02 billion are set to expire, featuring a put-call ratio of 0.76. The max pain point is 62,500, indicating that Bitcoin is likely to remain under selloff pressure. Currently, BTC has fallen below $59,000, adding to the market's bearish sentiment.
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